The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1887-06-30

this matter the law officer who prepared
the opinion says: We considered the matter
fully, and finally decided to keep the rules
As they stand now, that the residence period
shall not be less than six months, and allow
ourselves q margin in our decisions. The
fact is that actual residence Is not what the
law demands in pre-emptiOn entries 1t Is
not contemplated that man who buys the
land from the government at fair price
what % be shall do with the land. When the
government gives q man a homestead it
makes it free gift, with the intention that
the man shall make IL homestead for him
self.
In their weekly trade review r. q. Dun
& Co. congratulate the commercial public
that two Of the great speculations by which
legitimate business has been embarrassed
for months have come to an end without
disaster to other parties save those who
invited disaster. This refers, of course, to
the Chicago wheat corner and the New
are more favorable than for seven years
past: The iron market Is depressed by the
breaking of the coke combination. Rail
road earnings continue large. Imports are
increasing and exports falling of. Trade
generally Is in satisfactory condition,
although stringency in the money market
Is reported from some important financial
centers. The business failures in the
United States numbered 213, as compared
with 155 during the corresponding week OF
last j ear, the increase being due to the
gamblers panic.
r. q. Dun a. Co., in their trade review
for the week say: Wheat has fallen about
cents. In the stock market, liquidation
has been the feature. There is less con-
fidence as to the effects of the interstate
act. A heavy increase in shipments by lake
and canal is reported and the enforcement
Of the law threatens to stop manufacturing
and mining at numerous points Under all
the circumstances, the strength Of the
market is surprising, especially when it is
remembered that new securities for several
hundred millions have been listed this year.
Railroad building seems to have been
checked little Real estate at the West is
still unusually active, and, though the
boom is off the boom, no visible reaction in
prices is to be expected at present. The
business failures during the last seven days
number for the United States Ill, for
Canada 26, total 1877, as compared with .13
last week, and 1872 in the corresponding
week Of last year.
Bank Examiner Eugene Powell, acting
under instructions of Controller Trenholm
closed the Fidelity National Bank Of Cincin-
natl, Ohio. on the 2lst, and appointed John
DeCamp Vice President OF the Metropolitan
National bank receiver of the Fidelity. This
action was necessary by involvnent of this
bank caused by its support of Joe Wiltshire
and ice-President Harper Of the Fidelity,
in the smash-up OF the Chicago wheat
corner, it being claimed that Harper and
Cashier Anmi Baldwin and Assistant
Cashier Ben. E. Hopkins violated the
National Bank act in the support of the
wheat clique and impaired the resources Of
their bank. 1t is unofiicially stated
that the liabilities of the Fidelity,
independent Of its capital, are $500, ,OOO
The deposits of the Bank amount to q, ,50O,-
900, and the directors think depositors will
be paid in full. Before his operations in
wheat Vice-President Harper was worth
S2OOO0c0, which has been swept away by
this crisis. 1t is said the embarrassment of
the Fidelity does not involve any of the
other banks at Cincinnati or Chicago, and
only those engaged in the wheat gambling
deal Will, in the end, be losers.
Further developments from the Fidelity
bank at Cincinnati, put q worse light upon
its affairs. Vice President Harper, Cashier
Baldwin and Assistant Cashier Hopkins
have been arrested, the first named giving
S75, 600 bail, and the others $1,000. There
was talk Wednesday of arresting all the
directors. 1t is stated that Joe Wiltshire
used 81 ,10O, 900 of the banks money and that
collaterals for other loans We're hypothe-
Gated in New York and elsewhere. It is
the belief of some that Wiltshire acted as
the agent of Harper in conducting the wheat
deal and was not reality borrower. The
grand total Of liabilities is put at the mini
mum $',OOO.OOO but may go to $4,000 OO0,
and the assets will fall from s., ,OOO,OOO to
$4,000, 600 below the liabilities Great blame
is laid upon Harper. and all his property is
attached. The arrests made place the i'm
plicated parties liable to five or ten years in
the penitentiary.